Anthropic wants $2 trillion. Great product. The question is the price. Invert it. Hand investors every dollar of sales, forever, with no costs, no taxes and no payroll. It still comes up $760 billion short. Now say it grows 10x and becomes one of the most profitable companies on earth. You'd still likely trail an index fund. The bull case is real. I argued it as hard as I could. To win big, nearly everything has to go right. I buy apartments. At 31 times rent, I hang up. Here's the math, drawn in stick figures. 👇